Civitas Resources (CIVI) 10-Q 6 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-35371
Entity Registrant Name	Bonanza Creek Energy, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1630631
Entity Address, Address Line One	410 17th Street,
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	720
Local Phone Number	440-6100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BCEI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding (in shares)		20,834,028
Entity Central Index Key	0001509589
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 4,144	$ 11,008
Accounts receivable, net:
Oil and gas sales	25,106	43,714
Joint interest and other	22,739	38,136
Prepaid expenses and other	4,236	7,048
Inventory of oilfield equipment	7,603	7,726
Derivative assets (note 10)	39,459	2,884
Total current assets	103,287	110,516
Property and equipment (successful efforts method):
Proved properties	1,041,290	935,025
Less: accumulated depreciation, depletion, and amortization	(169,580)	(126,614)
Total proved properties, net	871,710	808,411
Unproved properties	107,516	143,020
Wells in progress	59,902	98,750
Other property and equipment, net of accumulated depreciation of $3,449 in 2020 and $3,142 in 2019	3,503	3,394
Total property and equipment, net	1,042,631	1,053,575
Long-term derivative assets (note 10)	4,474	121
Right-of-use assets (note 3)	36,952	38,562
Other noncurrent assets	2,887	3,544
Total assets	1,190,231	1,206,318
Current liabilities:
Accounts payable and accrued expenses (note 4)	27,483	57,638
Oil and gas revenue distribution payable	16,428	29,021
Lease liability (note 3)	12,685	11,690
Derivative liability (note 10)	2,757	6,390
Total current liabilities	59,353	104,739
Long-term liabilities:
Credit facility (note 5)	58,000	80,000
Lease liability (note 3)	24,791	27,540
Ad valorem taxes	41,694	28,520
Derivative liability (note 10)	1,368	921
Asset retirement obligations for oil and gas properties (note 9)	26,987	27,908
Total liabilities	212,193	269,628
Commitments and contingencies (note 6)
Stockholders’ equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none outstanding	0	0
Common stock, $0.01 par value, 225,000,000 shares authorized, 20,826,327 and 20,643,738 issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	4,282	4,284
Additional paid-in capital	703,874	702,173
Retained earnings	269,882	230,233
Total stockholders’ equity	978,038	936,690
Total liabilities and stockholders’ equity	$ 1,190,231	$ 1,206,318

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Other property and equipment, accumulated depreciation	$ 3,449	$ 3,142
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	225,000,000	225,000,000
Common stock, shares issued (in shares)	20,826,327	20,643,738
Common stock, shares outstanding (in shares)	20,826,327	20,643,738

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating net revenues:
Oil and gas sales	$ 36,192	$ 85,783	$ 96,597	$ 158,377
Operating expenses:
Lease operating expense	5,795	6,390	11,494	11,816
Severance and ad valorem taxes	3,478	7,711	8,651	11,959
Exploration	112	408	485	505
Depreciation, depletion, and amortization	22,283	18,898	43,867	34,657
Abandonment and impairment of unproved properties	309	878	30,366	1,757
Bad debt expense	0	0	576	0
General and administrative expense (including $1,474, $1,768, $2,713, and $3,148, respectively, of stock-based compensation)	8,406	9,803	17,835	20,081
Total operating expenses	47,448	51,128	127,834	94,158
Other income (expense):
Derivative gain (loss)	(25,146)	8,173	75,273	(28,371)
Interest expense, net	(984)	(385)	(1,201)	(1,536)
Loss on property transactions, net	(1,398)	(1,432)	(1,398)	(306)
Other income (expense)	(118)	11	(1,788)	23
Total other income (expense)	(27,646)	6,367	70,886	(30,190)
Income (loss) from operations before taxes	(38,902)	41,022	39,649	34,029
Income tax benefit (expense)	0	0	0	0
Net income (loss)	(38,902)	41,022	39,649	34,029
Comprehensive income (loss)	$ (38,902)	$ 41,022	$ 39,649	$ 34,029
Net income (loss) per common share:
Basic (in dollars per share)	$ (1.87)	$ 1.99	$ 1.91	$ 1.65
Diluted (in dollars per share)	$ (1.87)	$ 1.99	$ 1.91	$ 1.65
Weighted-average common shares outstanding:
Basic (in shares)	20,776	20,618	20,713	20,588
Diluted (in shares)	20,776	20,664	20,759	20,630
Midstream operating expense
Operating expenses:
Operating expenses	$ 3,354	$ 2,709	$ 7,368	$ 5,030
Gathering, transportation, and processing
Operating expenses:
Operating expenses	$ 3,711	$ 4,331	$ 7,192	$ 8,353

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
General and administrative, stock-based compensation	$ 1,474	$ 1,768	$ 2,713	$ 3,148

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Shares outstanding, beginning of period (in shares) at Dec. 31, 2018		20,543,940
Balance at beginning of period at Dec. 31, 2018	$ 863,913	$ 4,286	$ 696,461	$ 163,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		20,687
Restricted common stock issued	0
Stock used for tax withholdings (in shares)		(6,036)
Stock used for tax withholdings	(153)		(153)
Stock-based compensation	1,380		1,380
Net income (loss)	(6,993)			(6,993)
Shares outstanding, end of period (in shares) at Mar. 31, 2019		20,558,591
Balance at end of period at Mar. 31, 2019	858,147	$ 4,286	697,688	156,173
Shares outstanding, beginning of period (in shares) at Dec. 31, 2018		20,543,940
Balance at beginning of period at Dec. 31, 2018	863,913	$ 4,286	696,461	163,166
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	34,029
Shares outstanding, end of period (in shares) at Jun. 30, 2019		20,632,999
Balance at end of period at Jun. 30, 2019	900,006	$ 4,285	698,526	197,195
Shares outstanding, beginning of period (in shares) at Mar. 31, 2019		20,558,591
Balance at beginning of period at Mar. 31, 2019	858,147	$ 4,286	697,688	156,173
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		110,553
Restricted common stock issued	0
Stock used for tax withholdings (in shares)		(36,145)
Stock used for tax withholdings	(931)	$ (1)	(930)
Stock-based compensation	1,768		1,768
Net income (loss)	41,022			41,022
Shares outstanding, end of period (in shares) at Jun. 30, 2019		20,632,999
Balance at end of period at Jun. 30, 2019	900,006	$ 4,285	698,526	197,195
Shares outstanding, beginning of period (in shares) at Dec. 31, 2019		20,643,738
Balance at beginning of period at Dec. 31, 2019	936,690	$ 4,284	702,173	230,233
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		13,674
Restricted common stock issued	0
Stock used for tax withholdings (in shares)		(2,330)
Stock used for tax withholdings	(61)		(61)
Stock-based compensation	1,239		1,239
Net income (loss)	78,551			78,551
Shares outstanding, end of period (in shares) at Mar. 31, 2020		20,655,082
Balance at end of period at Mar. 31, 2020	1,016,419	$ 4,284	703,351	308,784
Shares outstanding, beginning of period (in shares) at Dec. 31, 2019		20,643,738
Balance at beginning of period at Dec. 31, 2019	936,690	$ 4,284	702,173	230,233
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	39,649
Shares outstanding, end of period (in shares) at Jun. 30, 2020		20,826,327
Balance at end of period at Jun. 30, 2020	978,038	$ 4,282	703,874	269,882
Shares outstanding, beginning of period (in shares) at Mar. 31, 2020		20,655,082
Balance at beginning of period at Mar. 31, 2020	1,016,419	$ 4,284	703,351	308,784
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted common stock issued (in shares)		228,149
Restricted common stock issued	0
Stock used for tax withholdings (in shares)		(56,904)
Stock used for tax withholdings	(953)	$ (2)	(951)
Stock-based compensation	1,474		1,474
Net income (loss)	(38,902)			(38,902)
Shares outstanding, end of period (in shares) at Jun. 30, 2020		20,826,327
Balance at end of period at Jun. 30, 2020	$ 978,038	$ 4,282	$ 703,874	$ 269,882

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income		$ 39,649	$ 34,029
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion, and amortization		43,867	34,657
Abandonment and impairment of unproved properties		30,366	1,757
Well abandonment costs and dry hole expense		(8)	62
Stock-based compensation		2,713	3,148
Operating Lease, Noncash Component		(103)	0
Non-cash lease component		11,494	11,816
Amortization of deferred financing costs		680	248
Derivative (gain) loss		(75,273)	28,371
Derivative cash settlements		33,867	393
Loss on property transactions, net		1,398	306
Other		(2,708)	(901)
Changes in current assets and liabilities:
Accounts receivable, net		24,521	15,089
Prepaid expenses and other assets		2,812	(703)
Accounts payable and accrued liabilities		(31,957)	(10,833)
Settlement of asset retirement obligations		(1,595)	(1,175)
Net cash provided by operating activities		68,229	104,448
Cash flows from investing activities:
Acquisition of oil and gas properties		(549)	(11,738)
Exploration and development of oil and gas properties		(51,054)	(111,398)
Proceeds from sale of oil and gas properties		0	1,153
Additions to property and equipment - non oil and gas		(416)	(148)
Net cash used in investing activities		(52,019)	(122,131)
Cash flows from financing activities:
Proceeds from credit facility		30,000	15,000
Payments to credit facility		(52,000)	0
Payment of employee tax withholdings in exchange for the return of common stock		(1,014)	(1,083)
Deferred financing costs		(13)	0
Principal payments on finance lease obligations		(40)	0
Net cash provided by (used in) financing activities		(23,067)	13,917
Net change in cash, cash equivalents, and restricted cash		(6,857)	(3,766)
Cash, cash equivalents, and restricted cash:
Beginning of period		11,095	13,002
End of period		4,238	9,236
Supplemental cash flow disclosure
Cash paid for interest, net of capitalization	[1]	670	1,190
Severance and ad valorem tax refund	[1]	0	352
Receivables exchanged for additional interests in oil and gas properties	[1]	8,299	0
Changes in working capital related to drilling expenditures	[1]	$ (2,382)	$ (8,763)
[1]	(1) Refer to Note 3 - Leases in the notes to the condensed consolidated financial statements for discussion of right-of-use assets obtained in exchange for lease liabilities.

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESSBonanza Creek Energy, Inc. (“BCEI” or, together with our consolidated subsidiaries, the “Company”) is engaged primarily in acquiring, developing, extracting, and producing oil and gas properties. The Company’s assets and operations are concentrated in the rural portions of the Wattenberg Field in Colorado.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments as necessary for a fair presentation of our financial position and results of operations. The financial information as of December 31, 2019, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports. Principles of Consolidation The condensed consolidated balance sheets (“balance sheets”) include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Holmes Eastern Company, LLC, and Rocky Mountain Infrastructure, LLC. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Further these estimates and other factors, including those outside of the Company's control, such as the impact of lower commodity prices, may impact the Company's business, financial condition, results of operations and cash flows. Revenue Recognition Sales of oil, natural gas, and natural gas liquids (“NGLs”) are recognized when performance obligations are satisfied at the point control of the product is transferred to the customer. The Company's contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies. As further described in Note 6 - Commitments and Contingencies , one contract with NGL Crude Logistics, LLP (“NGL Crude”, known as the “NGL Crude agreement”) has an additional aspect of variable consideration related to the minimum volume commitments (“MVCs”) as specified in the agreement. On an on-going basis, the Company performs an analysis of expected risk adjusted production applicable to the NGL Crude agreement based on approved production plans to determine if liquidated damages to NGL Crude are probable. As of June 30, 2020, the Company believes that the volumes delivered to NGL Crude will be in excess of the MVCs required then and for the upcoming approved production plan. As a result of this analysis, to date, no variable consideration related to potential liquidated damages has been considered in the transaction price for the NGL Crude agreement. Under the oil sales contracts, the Company sells oil production at the wellhead, or other contractually agreed-upon delivery points, and collects an agreed-upon index price, net of pricing differentials. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead, or other contractually agreed-upon delivery point, at the net contracted price received. Under the natural gas processing contracts, the Company delivers natural gas to an agreed-upon delivery point. The delivery points are specified within each contract, and the transfer of control varies between the inlet and outlet of the midstream processing facility. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs and residue gas. For the contracts where the Company maintains control through the outlet of the midstream processing facility, the Company recognizes revenue on a gross basis, with gathering, transportation, and processing fees presented as an expense in the Company's accompanying condensed consolidated statements of operations and comprehensive income (loss) (“statements of operations”). Alternatively, for those contracts where the Company relinquishes control at the inlet of the midstream processing facility, the Company recognizes natural gas and NGLs revenues based on the contracted amount of the proceeds received from the midstream processing entity and, as a result, the Company recognizes revenue on a net basis. Under the product sales contracts, the Company invoices customers once the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company's product sales contracts do not give rise to contract assets or liabilities under this guidance. At June 30, 2020 and December 31, 2019, the Company's receivables from contracts with customers were $25.1 million and $43.7 million, respectively. Payment is generally received within 30 to 60 days after the date of production. The Company records revenue in the month production is delivered to the purchaser. However, as stated above, settlement statements for certain natural gas and NGLs sales may not be received for 30 to 60 days after the date production is delivered, and as a result, the Company is required to estimate the amount of production delivered to the purchaser and the price that will be received for the sale of the product. The Company records the differences between its estimates and the actual amounts received for product sales in the month in which payment is received from the purchaser. For the period from January 1, 2020 through June 30, 2020, revenue recognized in the reporting period related to performance obligations satisfied in prior reporting periods was insignificant. Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating Revenues: Crude oil sales $ 28,934 $ 75,016 $ 80,080 $ 135,806 Natural gas sales 4,712 6,507 10,730 13,964 Natural gas liquids sales 2,546 4,260 5,787 8,607 Oil and gas sales $ 36,192 $ 85,783 $ 96,597 $ 158,377 Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sum to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of June 30, 2020 2019 Cash and cash equivalents $ 4,144 $ 9,149 Restricted cash included in other noncurrent assets (1) 94 87 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 4,238 $ 9,236 __________________________ (1) Consists of funds for road maintenance and repairs. Unproved Property Unproved oil and gas property costs are evaluated for impairment when there is an indication that the carrying costs may not be fully recoverable. During the three and six months ended June 30, 2020, the Company incurred $0.3 million and $30.4 million, respectively, in abandonment and impairment of unproved properties due to the reassessment of estimated probable and possible reserve locations based primarily upon economic viability. During the three and six months ended June 30, 2019, the Company incurred $0.9 million and $1.8 million, respectively, in abandonment and impairment of unproved properties due to the expiration of non-core leases. Accounting Pronouncements Recently Adopted and Issued In June 2016, the FASB issued Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The update changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. The amended standard was adopted using a modified retrospective approach on January 1, 2020. The Company considered past events (including historical experience), current economic and industry conditions, reasonable and supportable forecasts, and lives of receivable balances and loss experience. Historically and currently, the Company's credit losses on oil and natural gas sales receivables and joint interest receivables have not been significant, and the adoption of this standard did not have a material impact on its condensed consolidated financial statements. As of June 30, 2020, the Company has an allowance of $0.8 million established against joint interest receivables. In August 2018, the FASB issued Update No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The objective of this update is to improve the effectiveness of fair value measurement disclosures. The new standard was adopted on January 1, 2020. The standard only impacted the form of the Company's disclosures. In March 2020, the FASB issued Update No. 2020-04, Reference Rate Reform , which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The amendment provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This amendment is effective upon issuance and expires on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition and this update on the Company's condensed consolidated financial statements. There are no other accounting standards applicable to the Company that would have a material effect on the Company’s condensed consolidated financial statements and disclosures that have been issued, but not yet adopted by the Company as of June 30, 2020, and through the filing date of this report.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
LEASES	LEASES The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet, which include leases related to the asset classes reflected as of the dates indicated in the table below (in thousands): June 30, 2020 December 31, 2019 Operating leases Field equipment (1) $ 34,118 $ 35,057 Corporate leases 1,921 2,462 Vehicles 694 1,043 Total right-of-use asset $ 36,733 $ 38,562 Field equipment (1) $ 34,141 $ 35,075 Corporate leases 2,486 3,129 Vehicles 671 1,026 Total lease liability $ 37,298 $ 39,230 Finance leases Right-of-use asset - field equipment (1) $ 219 $ — Lease liability - field equipment (1) $ 178 $ — __________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment. The lease amounts disclosed are presented on a gross basis. A portion of these costs may have been or will be billed to other working interest owners, and the Company's net share of these costs, once paid, are included in various line items on the statements of operations or capitalized to oil and gas properties or other property and equipment, as applicable. The Company recognizes operating lease expense on a straight-line basis. Finance lease expense is recognized based on the effective interest method for the lease liability and straight-line amortization for the right-of-use asset, resulting in more cost being recognized in earlier lease periods. Short-term and variable lease payments are recognized as incurred. Short-term lease cost represents payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Short-term leases include drilling rigs and other equipment. Drilling rig contracts are structured based on an allotted number of wells to be drilled consecutively at a daily operating rate. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component. The following table summarizes the components of the Company's gross lease costs incurred during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost (1) $ 3,607 $ 2,686 $ 7,098 $ 5,036 Finance lease cost: Amortization of right-of-use assets 5 — 7 — Interest on lease liabilities 1 — 2 — Short-term lease cost 292 2,000 1,882 3,822 Variable lease cost (2) (135) 109 (44) 129 Sublease income (3) (89) (87) (178) (174) Total lease cost $ 3,681 $ 4,708 $ 8,767 $ 8,813 ____________________________ (1) Includes office rent expense of $0.3 million for the three months ended June 30, 2020 and 2019 and $0.5 million for the six months ended June 30, 2020 and 2019. (2) Variable lease cost represents differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company subleased a portion of its office space for the remainder of the office lease term. The Company does not have any leases with an implicit interest rate that can be readily determined. As a result, the Company used the incremental borrowing rate, based on the Credit Facility benchmark rate, adjusted for facility utilization and lease term, to calculate the respective discount rates. Please refer to Note 5 - Long-term Debt for additional information. The Company has certain lease agreements that provide for the option to extend, purchase, or terminate early, which was evaluated on each lease to arrive at the proper lease term. There were some leases for which the option to extend or purchase was factored into the resulting lease term. There were no leases where early termination was factored into the resulting lease term. The Company's weighted-average remaining lease terms and discount rates as of June 30, 2020 are as follows: Operating Leases Finance Leases Weighted-average lease term (years) 3.25 0.67 Weighted-average discount rate 3.89% 3.47% Supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,279 $ 2,334 $ 6,412 $ 4,366 Operating cash flows from finance leases 1 — 2 — Financing cash flows from finance leases 30 — 40 — Right-of-use assets obtained in exchange for new operating lease obligations $ 1,944 $ 8,884 $ 7,388 $ 10,081 Right-of-use assets obtained in exchange for new finance lease obligations — — 219 — Future commitments by year for the Company's operating and finance leases with a lease term of one year or more as of June 30, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases Remainder of 2020 $ 7,089 $ 64 2021 12,860 117 2022 10,504 — 2023 6,644 — 2024 2,439 — Thereafter 108 — Total lease payments 39,644 181 Less: imputed interest (2,346) (3) Total lease liability $ 37,298 $ 178
LEASES	LEASES The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet, which include leases related to the asset classes reflected as of the dates indicated in the table below (in thousands): June 30, 2020 December 31, 2019 Operating leases Field equipment (1) $ 34,118 $ 35,057 Corporate leases 1,921 2,462 Vehicles 694 1,043 Total right-of-use asset $ 36,733 $ 38,562 Field equipment (1) $ 34,141 $ 35,075 Corporate leases 2,486 3,129 Vehicles 671 1,026 Total lease liability $ 37,298 $ 39,230 Finance leases Right-of-use asset - field equipment (1) $ 219 $ — Lease liability - field equipment (1) $ 178 $ — __________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment. The lease amounts disclosed are presented on a gross basis. A portion of these costs may have been or will be billed to other working interest owners, and the Company's net share of these costs, once paid, are included in various line items on the statements of operations or capitalized to oil and gas properties or other property and equipment, as applicable. The Company recognizes operating lease expense on a straight-line basis. Finance lease expense is recognized based on the effective interest method for the lease liability and straight-line amortization for the right-of-use asset, resulting in more cost being recognized in earlier lease periods. Short-term and variable lease payments are recognized as incurred. Short-term lease cost represents payments for leases with a lease term of one year or less, excluding leases with a term of one month or less. Short-term leases include drilling rigs and other equipment. Drilling rig contracts are structured based on an allotted number of wells to be drilled consecutively at a daily operating rate. Short-term drilling rig costs include a non-lease labor component, which is treated as a single lease component. The following table summarizes the components of the Company's gross lease costs incurred during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost (1) $ 3,607 $ 2,686 $ 7,098 $ 5,036 Finance lease cost: Amortization of right-of-use assets 5 — 7 — Interest on lease liabilities 1 — 2 — Short-term lease cost 292 2,000 1,882 3,822 Variable lease cost (2) (135) 109 (44) 129 Sublease income (3) (89) (87) (178) (174) Total lease cost $ 3,681 $ 4,708 $ 8,767 $ 8,813 ____________________________ (1) Includes office rent expense of $0.3 million for the three months ended June 30, 2020 and 2019 and $0.5 million for the six months ended June 30, 2020 and 2019. (2) Variable lease cost represents differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company subleased a portion of its office space for the remainder of the office lease term. The Company does not have any leases with an implicit interest rate that can be readily determined. As a result, the Company used the incremental borrowing rate, based on the Credit Facility benchmark rate, adjusted for facility utilization and lease term, to calculate the respective discount rates. Please refer to Note 5 - Long-term Debt for additional information. The Company has certain lease agreements that provide for the option to extend, purchase, or terminate early, which was evaluated on each lease to arrive at the proper lease term. There were some leases for which the option to extend or purchase was factored into the resulting lease term. There were no leases where early termination was factored into the resulting lease term. The Company's weighted-average remaining lease terms and discount rates as of June 30, 2020 are as follows: Operating Leases Finance Leases Weighted-average lease term (years) 3.25 0.67 Weighted-average discount rate 3.89% 3.47% Supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,279 $ 2,334 $ 6,412 $ 4,366 Operating cash flows from finance leases 1 — 2 — Financing cash flows from finance leases 30 — 40 — Right-of-use assets obtained in exchange for new operating lease obligations $ 1,944 $ 8,884 $ 7,388 $ 10,081 Right-of-use assets obtained in exchange for new finance lease obligations — — 219 — Future commitments by year for the Company's operating and finance leases with a lease term of one year or more as of June 30, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases Remainder of 2020 $ 7,089 $ 64 2021 12,860 117 2022 10,504 — 2023 6,644 — 2024 2,439 — Thereafter 108 — Total lease payments 39,644 181 Less: imputed interest (2,346) (3) Total lease liability $ 37,298 $ 178

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses contain the following (in thousands): As of June 30, 2020 As of December 31, 2019 Accrued drilling and completion costs $ 5,630 $ 3,248 Accounts payable trade 8,565 17,117 Accrued general and administrative expense 2,195 5,620 Accrued lease operating expense 2,263 2,187 Accrued interest 544 692 Accrued oil and gas hedging 287 453 Accrued production and ad valorem taxes and other 7,999 28,321 Total accounts payable and accrued expenses $ 27,483 $ 57,638

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT Credit Facility On December 7, 2018, the Company entered into a reserve-based revolving facility, as the borrower, with JPMorgan Chase Bank, N.A., as the administrative agent, and a syndicate of financial institutions, as lenders (the “Credit Facility”). The $750.0 million Credit Facility has a maturity date of December 7, 2023 and was governed by an initial borrowing base of $350.0 million. The Credit Facility borrowing base is redetermined on a semi-annual basis. The most recent redetermination was concluded on June 18, 2020, resulting in a reduction of the borrowing base and aggregate elected commitments to $260.0 million. The next scheduled redetermination is set to occur in November 2020. The Credit Facility is guaranteed by all wholly-owned subsidiaries of the Company (each, a “Guarantor” and, together with the Company, the “Credit Parties”), and is secured by first priority security interests on substantially all assets of each Credit Party, subject to customary exceptions. Under the original terms of the Credit Facility, borrowings bore interest at a per annum rate equal to, at the option of the Company, either (i) LIBOR, subject to a 0% LIBOR floor plus a margin of 1.75% to 2.75%, based on the utilization of the Credit Facility (the “Eurodollar Rate”) or (ii) a fluctuating interest rate per annum equal to the greatest of (a) the rate of interest publicly announced by JPMorgan Chase Bank, N.A. as its prime rate, (b) the rate of interest published by the Federal Reserve Bank of New York as the federal funds effective rate, (c) the rate of interest published by the Federal Reserve Bank of New York as the overnight bank funding rate, or (d) a LIBOR offered rate for a one-month interest period, subject to a 0% LIBOR floor plus a margin of 0.75% to 1.75%, based on the utilization of the Credit Facility (the “Reference Rate”). Interest on borrowings that bear interest at the Eurodollar Rate shall be payable on the last day of the applicable interest period selected by the Company, which shall be one, two, three, or six months, and interest on borrowings that bear interest at the Reference Rate shall be payable quarterly in arrears. The Credit Facility contains customary representations and affirmative covenants. The Credit Facility also contains customary negative covenants, which, among other things, and subject to certain exceptions, include restrictions on (i) liens, (ii) indebtedness, guarantees and other obligations, (iii) restrictions in agreements on liens and distributions, (iv) mergers or consolidations, (v) asset sales, (vi) restricted payments, (vii) investments, (viii) affiliate transactions, (ix) change of business, (x) foreign operations or subsidiaries, (xi) name changes, (xii) use of proceeds, letters of credit, (xiii) gas imbalances, (xiv) hedging transactions, (xv) additional subsidiaries, (xvi) changes in fiscal year or fiscal quarter, (xvii) operating leases, (xviii) prepayments of certain debt and other obligations, (xix) sales or discounts of receivables, and (xx) dividend payments. The Credit Parties are subject to certain financial covenants under the Credit Facility, as tested on the last day of each fiscal quarter, including, without limitation, (i) a maximum ratio of the Company’s consolidated indebtedness (subject to certain exclusions) to earnings before interest, income taxes, depreciation, depletion, and amortization, exploration expense, and other non-cash charges (“EBITDAX”) and (ii) a current ratio, as defined in the agreement, inclusive of the unused Commitments then available to be borrowed, to not be less than 1.00 to 1.00. On June 18, 2020, in conjunction with the borrowing base redetermination, the Company, together with certain of its subsidiaries, entered into the First Amendment (the “First Amendment”) to the Credit Facility (as amended, restated, supplemented or otherwise modified) to, among other things: (i) implement certain anti-cash hoarding provisions, including a weekly mandatory prepayment requirement with respect to the excess of the Company’s consolidated cash balance over $35.0 million; (ii) require that, in order to borrow or issue a letter of credit under the Credit Agreement, the consolidated cash balance not exceed the greater of $35.0 million (both before and after giving effect to such borrowing or letter of credit issuance), or expenditures in respect of oil and gas properties in the ordinary course of business (as agreed to by the administrative agent); (iii) decrease the maximum permitted net leverage ratio from 4.00 to 3.50 and the maximum permitted leverage ratio for purposes of making a restricted payment, restricted investment or optional or voluntary redemption from 3.25 to 2.75; (iv) increase the Eurodollar Rate margin to 2.00% to 3.00%; (v) increase the Reference Rate margin to 1.00% to 2.00% ; and (vi) amend certain other covenants and provisions. The Company was in compliance with all covenants as of June 30, 2020, and through the filing date of this report. As of June 30, 2020 and December 31, 2019, the Company had $58.0 million and $80.0 million, respectively, outstanding on the Credit Facility. As of the date of this filing, the outstanding balance was $53.0 million. The Company's Credit Facility approximates fair value as the applicable interest rates are floating. In connection with the Credit Facility, the Company capitalized a total of $2.5 million in deferred financing costs. Of the total post-amortization net capitalized amounts, (i) $0.8 million and $1.4 million as of June 30, 2020 and December 31, 2019, respectively, are presented within other noncurrent assets and (ii) $0.5 million as of June 30, 2020 and December 31, 2019 is presented within the prepaid expenses and other line items in the accompanying balance sheets. For the three months ended June 30, 2020 and 2019, the Company incurred interest expense of $1.4 million and $1.1 million, respectively. The Company capitalized $0.4 million and $0.8 million of interest expense during the three months ended June 30, 2020 and 2019, respectively. For the six months ended June 30, 2020 and 2019, the Company incurred interest expense of $2.6 million and $2.3 million, respectively. The Company capitalized $1.4 million and $0.8 million of interest expense during the six months ended June 30, 2020 and 2019, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various commercial and regulatory claims, litigation, and other legal proceedings that arise in the ordinary course of its business. The Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its condensed consolidated financial statements. In accordance with authoritative accounting guidance, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the most likely anticipated outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures. No claims have been made, nor is the Company aware of any material uninsured liability which the Company may have, as it relates to any environmental cleanup, restoration, or the violation of any rules or regulations. As of the filing date of this report, there were no probable, material pending, or overtly threatened legal actions against the Company of which it was aware. In February 2019, the Company was sent a notice of intent to sue (“NOI”) letter by WildEarth Guardians (“WEG”), an environmental non-governmental organization, alleging failure to obtain required permits under the federal Clean Air Act before constructing and operating well production facilities in the ozone non-attainment area around the Denver Metropolitan and North Front Range of Colorado, among other things. The Company is one of seven operators in the Wattenberg Field to receive such an NOI letter from WEG, and these letters appear to challenge long-established federal and state regulations and policies for permitting the construction and initial operation of upstream oil and gas production facilities in Colorado and elsewhere under the Clean Air Act and state counterpart statutes. In May 2019, WEG filed a lawsuit in the U.S. District Court for the District of Colorado against the Company and the other six operators who received the NOI, alleging claims consistent with those contained in the NOI letters. The allegations made in the lawsuit are based on novel and unprecedented interpretations of complex federal and state air quality laws and regulations. The Company has and will continue to vigorously defend against those allegations, and it will also coordinate as much as possible with state and federal permitting authorities to maintain the validity of its facilities’ current and future air permits. At this time, the Company is unable to estimate the lawsuit’s potential outcome. Commitments The Company is party to a purchase agreement to deliver fixed determinable quantities of crude oil to NGL Crude. The NGL Crude agreement includes defined volume commitments over a term ending in 2023. Under the terms of the NGL Crude agreement, the Company is required to make periodic deficiency payments for any shortfalls in delivering minimum gross volume commitments, which are set in six-month periods. The minimum gross volume commitment will increase approximately 3% each year for the remainder of the contract, to a maximum of approximately 16,000 gross barrels per day. The aggregate financial commitment fee over the remaining term was $63.8 million as of June 30, 2020. Upon notifying NGL Crude at least twelve months prior to the expiration date of the NGL Crude agreement, the Company may elect to extend the term of the NGL Crude agreement for up to three The annual minimum commitment payments under the NGL Crude agreement for the next five years as of June 30, 2020 are presented below (in thousands): NGL Crude Commitments (1) Remainder of 2020 $ 10,775 2021 22,403 2022 23,097 2023 7,511 2024 — 2025 and thereafter — Total $ 63,786 ____________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the NGL Crude agreement) and applicable differential fees. There have been no other material changes from the commitments disclosed in the notes to the Company’s consolidated financial statements included in our 2019 Form 10-K. Refer to Note 3 - Leases

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION 2017 Long Term Incentive Plan Upon emergence from bankruptcy, the Company adopted a new Long Term Incentive Plan (the “2017 LTIP”), as established by the pre-emergence Board of Directors, which allows for the issuance of restricted stock units (“RSUs”), performance stock units (“PSUs”), and options, and reserved 2,467,430 shares of new common stock. See below for further discussion of awards granted under the 2017 LTIP. The Company recorded compensation expense related to the awards granted under the 2017 LTIP as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Restricted stock units $ 1,284 $ 1,346 $ 2,585 $ 2,431 Performance stock units 195 270 2 413 Stock options (5) 152 126 304 Total stock-based compensation $ 1,474 $ 1,768 $ 2,713 $ 3,148 As of June 30, 2020, unrecognized compensation expense will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted stock units $ 10,491 2023 Performance stock units 2,692 2022 $ 13,183 Restricted Stock Units The 2017 LTIP allows for the issuance of RSUs to members of the Board of Directors (the “Board”) and employees of the Company at the discretion of the Board. Each RSU represents one share of the Company's common stock to be released from restriction upon completion of the vesting period. The awards typically vest in one-third increments over three years. The RSUs are valued at the grant date share price and are recognized as general and administrative expense over the vesting period of the award. During the six months ended June 30, 2020, the Company granted 306,945 RSUs with a fair value of $4.9 million. A summary of the status and activity of non-vested restricted stock units for the six months ended June 30, 2020 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 557,817 $ 26.95 Granted 306,945 15.90 Vested (241,823) 15.41 Forfeited (54,547) 25.53 Non-vested, end of quarter 568,392 $ 20.46 Cash flows resulting from excess tax benefits are to be classified as part of cash flows from operating activities. Excess tax benefits are realized tax benefits from tax deductions for vested restricted stock in excess of the deferred tax asset attributable to stock compensation costs for such restricted stock. The Company recorded no excess tax benefits for the periods presented. Performance Stock Units The 2017 LTIP allows for the issuance of PSUs to employees at the sole discretion of the Board. The number of shares of the Company’s common stock that may be issued to settle PSUs ranges from zero to two times the number of PSUs awarded. The PSUs vest in their entirety at the end of the three-year performance period. The total number of PSUs granted is split between two performance criteria. The first criterion is based on a comparison of the Company’s absolute and relative total shareholder return (“TSR”) for the performance period compared with the TSRs of a group of peer companies for the same performance period. The TSR for the Company and each of the peer companies is determined by dividing (A) (i) the volume-weighted average share price for the last 30 trading days of the performance period minus (ii) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period, by (B) the volume-weighted average share price for the 30 trading days preceding the beginning of the performance period. The second criterion is based on the Company's annual return on average capital employed (“ROCE”) for each year during the three-year performance period. The split between the two performance criteria is even for the PSUs granted in 2018 and 2019, whereas the split is two-thirds weighted to the TSR criterion and one-third weighted to the ROCE criterion for the PSUs granted in 2020. Compensation expense associated with PSUs is recognized as general and administrative expense over the performance period. Because these awards depend on a combination of performance-based and market-based settlement criteria, compensation expense may be adjusted in future periods as the number of units expected to vest increases or decreases based on the Company’s expected ROCE performance. As of June 30, 2020, the Company does not expect any of the ROCE portion of the PSUs granted in 2018 and 2019 to vest and has accordingly adjusted the related compensation expense. The fair value of the PSUs was measured at the grant date. The portion of the PSUs tied to the TSR required a stochastic process method using a Brownian Motion simulation. A stochastic process is a mathematically defined equation that can create a series of outcomes over time. These outcomes are not deterministic in nature, which means that by iterating the equations multiple times, different results will be obtained for those iterations. In the case of the Company’s TSRs, the Company could not predict with certainty the path its stock price or the stock prices of its peers would take over the performance period. By using a stochastic simulation, the Company created multiple prospective stock pathways, statistically analyzed these simulations, and ultimately made inferences regarding the most likely path the stock price would take. As such, because future stock prices are stochastic, or probabilistic with some direction in nature, the stochastic method, specifically the Brownian Motion Model, was deemed an appropriate method by which to determine the fair value of the portion of the PSUs tied to the TSR. Significant assumptions used in this simulation include the Company’s expected volatility, risk-free interest rate based on U.S. Treasury yield curve rates with maturities consistent with the performance period, as well as the volatilities for each of the Company’s peers. During the six months ended June 30, 2020, the Company granted 83,209 PSUs with a fair value of $1.9 million. A summary of the status and activity of performance stock units for the six months ended June 30, 2020 is presented below: Performance Stock Units (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 153,470 $ 24.74 Granted 83,209 23.22 Vested — — Forfeited — — Non-vested, end of quarter 236,679 $ 24.21 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition. Stock Options The 2017 LTIP allows for the issuance of stock options to the Company's employees at the sole discretion of the Board. Options expire ten years from the grant date unless otherwise determined by the Board. Compensation expense on the stock options is recognized as general and administrative expense over the vesting period of the award. Stock options are valued using a Black-Scholes Model where (i) expected volatility is based on an average historical volatility of a peer group selected by management over a period consistent with the expected life assumption on the grant date, (ii) the risk-free rate of return is based on the U.S. Treasury constant maturity yield on the grant date with a remaining term equal to the expected term of the awards, and (iii) the Company’s expected life of stock option awards is derived from the midpoint of the average vesting time and contractual term of the awards. There were no stock options granted during the six months ended June 30, 2020. A summary of the status and activity of stock options for the six months ended June 30, 2020 is presented below: Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 100,714 $ 34.36 Granted — — Exercised — — Forfeited (13,184) 34.36 Outstanding, end of quarter 87,530 $ 34.36 6.1 $ — Number of options outstanding and exercisable 87,530 $ 34.36 6.1 $ —

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company follows fair value measurement authoritative guidance, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The statement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable Financial and non-financial assets and liabilities are to be classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels. Derivatives Fair value of all derivative instruments are estimated with industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value of money, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. All valuations were compared against counterparty statements to verify the reasonableness of the estimate. The Company’s commodity swaps, collars, and puts were validated by observable transactions for the same or similar commodity options using the NYMEX futures index and were designated as Level 2 within the valuation hierarchy. The following tables present the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis and their classification within the fair value hierarchy (in thousands): As of June 30, 2020 Level 1 Level 2 Level 3 Derivative assets $ — $ 43,933 $ — Derivative liabilities $ — $ 4,125 $ — As of December 31, 2019 Level 1 Level 2 Level 3 Derivative assets $ — $ 3,005 $ — Derivative liabilities $ — $ 7,311 $ — Proved Oil and Gas Properties Proved oil and gas property costs are evaluated for impairment on a nonrecurring basis and reduced to fair value when there is an indication that the carrying costs exceed the sum of the undiscounted cash flows. Depending on the availability of data, the Company uses Level 3 inputs and either the income valuation technique, which converts future amounts to a single present value amount to measure the fair value of proved properties through an application of risk-adjusted discount rates and price forecasts selected by the Company’s management, or the market valuation approach. The calculation of the risk-adjusted discount rate is a significant management estimate based on the best information available. Management believes that the risk-adjusted discount rate is representative of current market conditions and reflects the following factors: estimates of future cash payments, expectations of possible variations in the amount and/or timing of cash flows, the risk premium, and nonperformance risk. The price forecast is based on the Company's internal budgeting model derived from the NYMEX strip pricing, adjusted for management estimates and basis differentials. Future operating costs are also adjusted as deemed appropriate for these estimates. Proved properties classified as held for sale are valued using a market approach, based on an estimated selling price, as evidenced by the most current bid prices received from third parties. If a relevant estimated selling price is not available, the Company utilizes the income valuation technique discussed above. There were no proved oil and gas property impairments during the three and six months ended June 30, 2020 and 2019.

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	6 Months Ended
	Jun. 30, 2020
Asset Retirement Obligation [Abstract]
ASSET RETIREMENT OBLIGATIONS	ASSET RETIREMENT OBLIGATIONS The Company recognizes an estimated liability for future costs to abandon its oil and gas properties. The fair value of the asset retirement obligation is recorded as a liability when incurred, which is typically at the time the asset is acquired or placed in service. There is a corresponding increase to the carrying value of the asset, which is included in the proved properties line item in the accompanying balance sheets. The Company depletes the amount added to proved properties and recognizes expense in connection with accretion of the discounted liability over the remaining estimated economic lives of the properties. The Company’s estimated asset retirement obligation liability is based on historical experience in abandoning wells, estimated economic lives, estimated costs to abandon the wells, and regulatory requirements. The liability is discounted using the credit-adjusted risk-free rate estimated at the time the liability is incurred. A roll-forward of the Company's asset retirement obligation is as follows (in thousands): Amount Beginning balance as of December 31, 2019 $ 27,908 Liabilities settled (1,595) Additions 80 Accretion expense 594 Ending balance as of June 30, 2020 $ 26,987

DERIVATIVES

DERIVATIVES	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES The Company enters into commodity derivative contracts to mitigate a portion of its exposure to potentially adverse market changes in commodity prices and the associated impact on cash flows. All contracts are entered into for other-than-trading purposes. The Company’s derivatives include swaps, collars, and puts for oil and natural gas, and none of the derivative instruments qualify as having hedging relationships. In a typical commodity swap agreement, if the agreed upon published third-party index price is lower than the swap strike price, the Company receives the difference between the index price and the agreed upon swap strike price. If the index price is higher than the swap strike price, the Company pays the difference. A put gives the owner the right to sell the underlying commodity at a set price over the term of the contract. If the index settlement price is higher than the put fixed price, the put will expire worthless. If the settlement price is lower than the put fixed price, the Company will exercise the put and receive the difference between the settlement price and the put fixed price. A cashless collar arrangement establishes a floor and ceiling price on future oil and gas production. When the settlement price is above the ceiling price, the Company pays the difference between the settlement price and the ceiling price. When the settlement price is below the floor price, the Company receives the difference between the settlement price and floor price. In the event that the settlement price is between the ceiling and the floor, no payment or receipt occurs. A basis swap arrangement guarantees a price differential from a specified delivery point to an agreed upon reference point. The Company receives the difference between the price differential and the stated terms, if the price differential is greater than the stated terms. The Company pays the difference between the price differential and the stated terms, if the stated terms are greater than the price differential. As of June 30, 2020, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu 3Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 — — 30,000 $0.54 Put 4,000 $32.50 — — — — 4Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 10,000 $2.30 30,000 $0.54 Put 3,000 $32.50 1Q21 Cashless Collar 2,500 $46.40/$54.20 30,000 $2.25/$2.57 — — Swap 5,000 $54.48 — — 20,000 $0.43 2Q21 Cashless Collar 2,000 $35.50/$49.65 20,000 $2.25/$2.52 — — Swap 4,000 $54.13 — — 20,000 $0.43 3Q21 Cashless Collar 1,500 $30.00/$47.87 20,000 $2.25/$2.52 — — Swap 2,500 $54.45 — — 20,000 $0.43 4Q21 Cashless Collar 2,000 $30.00/$46.96 20,000 $2.25/$2.52 — — Swap 1,000 $55.20 — — 20,000 $0.43 1Q22 Cashless Collar 1,500 $30.00/$45.87 — — — — As of the filing date of this report, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu 3Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 — — 30,000 $0.54 Put 4,000 $32.50 — — — — 4Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 10,000 $2.30 30,000 $0.54 Put 3,000 $32.50 — — — — 1Q21 Cashless Collar 3,000 $43.67/$53.58 30,000 $2.25/$2.57 — — Swap 5,000 $54.48 — — 20,000 $0.43 2Q21 Cashless Collar 2,500 $34.40/$49.82 20,000 $2.25/$2.52 — — Swap 4,000 $54.13 — — 20,000 $0.43 3Q21 Cashless Collar 2,500 $30.00/$49.42 20,000 $2.25/$2.52 — — Swap 2,500 $54.45 — — 20,000 $0.43 4Q21 Cashless Collar 3,000 $30.00/$48.56 20,000 $2.25/$2.52 — — Swap 1,000 $55.20 — — 20,000 $0.43 1Q22 Cashless Collar 2,000 $30.00/$47.65 — — — — 2Q22 Cashless Collar 500 $30.00/$53.00 — — — — Derivative Assets and Liabilities Fair Value The Company’s commodity derivatives are measured at fair value and are included in the accompanying balance sheets as derivative assets and liabilities. The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of the dates indicated in the table below (in thousands): June 30, 2020 December 31, 2019 Derivative Assets: Commodity contracts - current $ 39,459 $ 2,884 Commodity contracts - noncurrent 4,474 121 Derivative Liabilities: Commodity contracts - current (2,757) (6,390) Commodity contracts - noncurrent (1,368) (921) Total derivative assets (liabilities), net $ 39,808 $ (4,306) The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended June 30, Six months ended June 30, 2020 2019 2020 2019 Derivative cash settlement gain (loss): Oil contracts $ 22,485 $ (984) $ 32,923 $ 1,094 Gas contracts 128 441 944 (701) Total derivative cash settlement gain (loss) (1) 22,613 (543) 33,867 393 Change in fair value gain (loss) (47,759) 8,716 41,406 (28,764) Total derivative gain (loss) (1) $ (25,146) $ 8,173 $ 75,273 $ (28,371) _______________________________

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company issues RSUs, which represent the right to receive, upon vesting, one share of the Company's common stock. The number of potentially dilutive shares related to RSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the vesting period. The Company issues PSUs, which represent the right to receive, upon settlement of the PSUs, a number of shares of the Company's common stock that ranges from zero to two times the number of PSUs granted on the award date. The number of potentially dilutive shares related to PSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the performance period applicable to such PSUs. The Company issued stock options and warrants, which both represent the right to purchase the Company's common stock at a specified price. The number of potentially dilutive shares related to the stock options and warrants is based on the number of shares, if any, that would be exercisable at the end of the respective reporting period, assuming that date was the end of such stock options' or warrants' term. Please refer to Note 7 - Stock-Based Compensation for additional discussion. The Company uses the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) $ (38,902) $ 41,022 $ 39,649 $ 34,029 Basic net income (loss) per common share $ (1.87) $ 1.99 $ 1.91 $ 1.65 Diluted net income (loss) per common share $ (1.87) $ 1.99 $ 1.91 $ 1.65 Weighted-average shares outstanding - basic 20,776 20,618 20,713 20,588 Add: dilutive effect of contingent stock awards — 46 46 42 Weighted-average shares outstanding - diluted 20,776 20,664 20,759 20,630 There were 715,639 and 329,755 shares that were anti-dilutive for the three months ended June 30, 2020 and 2019, respectively, and 407,996 and 160,770 shares that were anti-dilutive for the six months ended June 30, 2020 and 2019, respectively. The Company was in a net loss position for the three months ended June 30, 2020, which made all potentially dilutive shares anti-dilutive. The exercise price of the Company's warrants was in excess of the Company's stock price; therefore, they were excluded from the earnings per share calculation.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Deferred tax assets and liabilities are measured by applying the provisions of enacted tax laws to determine the amount of taxes payable or refundable currently or in future years related to cumulative temporary differences between the tax basis of assets and liabilities and amounts reported in the Company's balance sheets. The tax effect of the net change in the cumulative temporary differences during each period in the deferred tax assets and liabilities determines the periodic provision for deferred taxes. The Company assesses the recoverability of its deferred tax assets each period by considering whether it is more likely than not that all or a portion of the deferred tax assets will be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of temporary differences, tax-planning strategies, projected future taxable income, and results of operations. As a result of the Company's analysis, it was concluded that as of June 30, 2020 and December 31, 2019, a full valuation allowance should be established against the Company's deferred tax asset. The Company will continue to monitor facts and circumstances in the reassessment of the likelihood that the deferred tax assets will be realized. Federal income tax expense differs from the amount that would be provided by applying the statutory United States federal income tax rate of 21% to income before income taxes primarily due to the effect of state income taxes, changes in valuation allowances, and other permanent differences. As of June 30, 2020 and December 31, 2019, the Company had no unrecognized tax benefits. The Company's management does not believe that there are any new items or changes in facts or judgments that would impact the Company's tax position taken thus far in 2020.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION These unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments as necessary for a fair presentation of our financial position and results of operations. The financial information as of December 31, 2019, has been derived from the audited financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2019 (“2019 Form 10-K”), but does not include all disclosures, including notes required by GAAP. As such, this quarterly report should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Form 10-K. The Company follows the same accounting principles for preparing quarterly and annual reports.
Principles of Consolidation	Principles of Consolidation The condensed consolidated balance sheets (“balance sheets”) include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Holmes Eastern Company, LLC, and Rocky Mountain Infrastructure, LLC. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Company's condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of oil and gas reserves, assets and liabilities, disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three and six months ended June 30, 2020, are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. Further these estimates and other factors, including those outside of the Company's control, such as the impact of lower commodity prices, may impact the Company's business, financial condition, results of operations and cash flows.
Revenue Recognition	Revenue Recognition Sales of oil, natural gas, and natural gas liquids (“NGLs”) are recognized when performance obligations are satisfied at the point control of the product is transferred to the customer. The Company's contracts’ pricing provisions are tied to a market index, with certain adjustments based on, among other factors, whether a well delivers to a gathering or transmission line, quality of the oil or natural gas, and prevailing supply and demand conditions. As a result, the price of the oil, natural gas, and NGLs fluctuates to remain competitive with other available oil, natural gas, and NGLs supplies. As further described in Note 6 - Commitments and Contingencies , one contract with NGL Crude Logistics, LLP (“NGL Crude”, known as the “NGL Crude agreement”) has an additional aspect of variable consideration related to the minimum volume commitments (“MVCs”) as specified in the agreement. On an on-going basis, the Company performs an analysis of expected risk adjusted production applicable to the NGL Crude agreement based on approved production plans to determine if liquidated damages to NGL Crude are probable. As of June 30, 2020, the Company believes that the volumes delivered to NGL Crude will be in excess of the MVCs required then and for the upcoming approved production plan. As a result of this analysis, to date, no variable consideration related to potential liquidated damages has been considered in the transaction price for the NGL Crude agreement. Under the oil sales contracts, the Company sells oil production at the wellhead, or other contractually agreed-upon delivery points, and collects an agreed-upon index price, net of pricing differentials. In this scenario, the Company recognizes revenue when control transfers to the purchaser at the wellhead, or other contractually agreed-upon delivery point, at the net contracted price received. Under the natural gas processing contracts, the Company delivers natural gas to an agreed-upon delivery point. The delivery points are specified within each contract, and the transfer of control varies between the inlet and outlet of the midstream processing facility. The midstream processing entity gathers and processes the natural gas and remits proceeds to the Company for the resulting sales of NGLs and residue gas. For the contracts where the Company maintains control through the outlet of the midstream processing facility, the Company recognizes revenue on a gross basis, with gathering, transportation, and processing fees presented as an expense in the Company's accompanying condensed consolidated statements of operations and comprehensive income (loss) (“statements of operations”). Alternatively, for those contracts where the Company relinquishes control at the inlet of the midstream processing facility, the Company recognizes natural gas and NGLs revenues based on the contracted amount of the proceeds received from the midstream processing entity and, as a result, the Company recognizes revenue on a net basis. Under the product sales contracts, the Company invoices customers once the performance obligations have been satisfied, at which point payment is unconditional. Accordingly, the Company's product sales contracts do not give rise to contract assets or liabilities under this guidance. At June 30, 2020 and December 31, 2019, the Company's receivables from contracts with customers were $25.1 million and $43.7 million, respectively. Payment is generally received within 30 to 60 days after the date of production.
Accounting Pronouncements Recently Adopted and Issued	Accounting Pronouncements Recently Adopted and Issued In June 2016, the FASB issued Update No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The update changes the impairment model for most financial assets and certain other instruments, including trade and other receivables, and requires entities to use a new forward-looking expected loss model that will result in the earlier recognition of allowances for losses. The amended standard was adopted using a modified retrospective approach on January 1, 2020. The Company considered past events (including historical experience), current economic and industry conditions, reasonable and supportable forecasts, and lives of receivable balances and loss experience. Historically and currently, the Company's credit losses on oil and natural gas sales receivables and joint interest receivables have not been significant, and the adoption of this standard did not have a material impact on its condensed consolidated financial statements. As of June 30, 2020, the Company has an allowance of $0.8 million established against joint interest receivables. In August 2018, the FASB issued Update No. 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The objective of this update is to improve the effectiveness of fair value measurement disclosures. The new standard was adopted on January 1, 2020. The standard only impacted the form of the Company's disclosures. In March 2020, the FASB issued Update No. 2020-04, Reference Rate Reform , which provides temporary optional guidance to companies impacted by the transition away from the London Interbank Offered Rate (“LIBOR”). The amendment provides certain expedients and exceptions to applying GAAP in order to lessen the potential accounting burden when contracts, hedging relationships, and other transactions that reference LIBOR as a benchmark rate are modified. This amendment is effective upon issuance and expires on December 31, 2022. The Company is currently assessing the impact of the LIBOR transition and this update on the Company's condensed consolidated financial statements. There are no other accounting standards applicable to the Company that would have a material effect on the Company’s condensed consolidated financial statements and disclosures that have been issued, but not yet adopted by the Company as of June 30, 2020, and through the filing date of this report.
Fair Value Measurements	The Company follows fair value measurement authoritative guidance, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The authoritative accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The statement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: Level 1: Quoted prices are available in active markets for identical assets or liabilities Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations whose inputs are observable or whose significant value drivers are observable Level 3: Significant inputs to the valuation model are unobservable

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disaggregation of Revenue	Revenue attributable to each identified revenue stream is disaggregated below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating Revenues: Crude oil sales $ 28,934 $ 75,016 $ 80,080 $ 135,806 Natural gas sales 4,712 6,507 10,730 13,964 Natural gas liquids sales 2,546 4,260 5,787 8,607 Oil and gas sales $ 36,192 $ 85,783 $ 96,597 $ 158,377
Schedule of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sum to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of June 30, 2020 2019 Cash and cash equivalents $ 4,144 $ 9,149 Restricted cash included in other noncurrent assets (1) 94 87 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 4,238 $ 9,236 __________________________
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets, which sum to the total of such amounts shown in the accompanying condensed consolidated statements of cash flows (“statements of cash flows”) (in thousands): As of June 30, 2020 2019 Cash and cash equivalents $ 4,144 $ 9,149 Restricted cash included in other noncurrent assets (1) 94 87 Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows $ 4,238 $ 9,236 __________________________

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Balance Sheet Activity, Asset Classes	The Company’s right-of-use assets and lease liabilities are recognized at their discounted present value on the balance sheet, which include leases related to the asset classes reflected as of the dates indicated in the table below (in thousands): June 30, 2020 December 31, 2019 Operating leases Field equipment (1) $ 34,118 $ 35,057 Corporate leases 1,921 2,462 Vehicles 694 1,043 Total right-of-use asset $ 36,733 $ 38,562 Field equipment (1) $ 34,141 $ 35,075 Corporate leases 2,486 3,129 Vehicles 671 1,026 Total lease liability $ 37,298 $ 39,230 Finance leases Right-of-use asset - field equipment (1) $ 219 $ — Lease liability - field equipment (1) $ 178 $ — __________________________ (1) Includes compressors, certain gas processing equipment, and other field equipment.
Summary of Operating Lease Costs and Summary of Supplemental Cash Flow Information	The following table summarizes the components of the Company's gross lease costs incurred during the three and six months ended June 30, 2020 and 2019 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost (1) $ 3,607 $ 2,686 $ 7,098 $ 5,036 Finance lease cost: Amortization of right-of-use assets 5 — 7 — Interest on lease liabilities 1 — 2 — Short-term lease cost 292 2,000 1,882 3,822 Variable lease cost (2) (135) 109 (44) 129 Sublease income (3) (89) (87) (178) (174) Total lease cost $ 3,681 $ 4,708 $ 8,767 $ 8,813 ____________________________ (1) Includes office rent expense of $0.3 million for the three months ended June 30, 2020 and 2019 and $0.5 million for the six months ended June 30, 2020 and 2019. (2) Variable lease cost represents differences between lease obligations and actual costs incurred for certain leases that do not have fixed payments related to both lease and non-lease components. Such incremental costs include lease payment increases or decreases driven by market price fluctuations and leased asset maintenance costs. (3) The Company subleased a portion of its office space for the remainder of the office lease term. Supplemental cash flow information related to leases for the three and six months ended June 30, 2020 and 2019 consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,279 $ 2,334 $ 6,412 $ 4,366 Operating cash flows from finance leases 1 — 2 — Financing cash flows from finance leases 30 — 40 — Right-of-use assets obtained in exchange for new operating lease obligations $ 1,944 $ 8,884 $ 7,388 $ 10,081 Right-of-use assets obtained in exchange for new finance lease obligations — — 219 —
Schedule of Weighted-Average Information	The Company's weighted-average remaining lease terms and discount rates as of June 30, 2020 are as follows: Operating Leases Finance Leases Weighted-average lease term (years) 3.25 0.67 Weighted-average discount rate 3.89% 3.47%
Schedule of Future Minimum Commitments for Operating Leases	Future commitments by year for the Company's operating and finance leases with a lease term of one year or more as of June 30, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases Remainder of 2020 $ 7,089 $ 64 2021 12,860 117 2022 10,504 — 2023 6,644 — 2024 2,439 — Thereafter 108 — Total lease payments 39,644 181 Less: imputed interest (2,346) (3) Total lease liability $ 37,298 $ 178
Schedule of Future Minimum Commitments for Finance Leases	Future commitments by year for the Company's operating and finance leases with a lease term of one year or more as of June 30, 2020 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized on the balance sheet as follows (in thousands): Operating Leases Finance Leases Remainder of 2020 $ 7,089 $ 64 2021 12,860 117 2022 10,504 — 2023 6,644 — 2024 2,439 — Thereafter 108 — Total lease payments 39,644 181 Less: imputed interest (2,346) (3) Total lease liability $ 37,298 $ 178

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses contain the following (in thousands): As of June 30, 2020 As of December 31, 2019 Accrued drilling and completion costs $ 5,630 $ 3,248 Accounts payable trade 8,565 17,117 Accrued general and administrative expense 2,195 5,620 Accrued lease operating expense 2,263 2,187 Accrued interest 544 692 Accrued oil and gas hedging 287 453 Accrued production and ad valorem taxes and other 7,999 28,321 Total accounts payable and accrued expenses $ 27,483 $ 57,638

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Annual Minimum Commitment Payments	The annual minimum commitment payments under the NGL Crude agreement for the next five years as of June 30, 2020 are presented below (in thousands): NGL Crude Commitments (1) Remainder of 2020 $ 10,775 2021 22,403 2022 23,097 2023 7,511 2024 — 2025 and thereafter — Total $ 63,786 ____________________________ (1) The above calculation is based on the minimum volume commitment schedule (as defined in the NGL Crude agreement) and applicable differential fees.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense	The Company recorded compensation expense related to the awards granted under the 2017 LTIP as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Restricted stock units $ 1,284 $ 1,346 $ 2,585 $ 2,431 Performance stock units 195 270 2 413 Stock options (5) 152 126 304 Total stock-based compensation $ 1,474 $ 1,768 $ 2,713 $ 3,148
Summary of Unrecognized Compensation Expense	As of June 30, 2020, unrecognized compensation expense will be amortized through the relevant periods as follows (in thousands): Unrecognized Compensation Expense Final Year of Recognition Restricted stock units $ 10,491 2023 Performance stock units 2,692 2022 $ 13,183
Summary of the status and activity of non-vested restricted stock	A summary of the status and activity of non-vested restricted stock units for the six months ended June 30, 2020 is presented below: Restricted Stock Units Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 557,817 $ 26.95 Granted 306,945 15.90 Vested (241,823) 15.41 Forfeited (54,547) 25.53 Non-vested, end of quarter 568,392 $ 20.46
Summary of the status and activity of non-vested performance stock	A summary of the status and activity of performance stock units for the six months ended June 30, 2020 is presented below: Performance Stock Units (1) Weighted-Average Grant-Date Fair Value Non-vested, beginning of year 153,470 $ 24.74 Granted 83,209 23.22 Vested — — Forfeited — — Non-vested, end of quarter 236,679 $ 24.21 ___________________________ (1) The number of awards assumes that the associated performance condition is met at the target amount. The final number of shares of the Company’s common stock issued may vary depending on the performance multiplier, which ranges from zero to two, depending on the level of satisfaction of the performance condition.
Summary of the status and activity of non-vested Units	A summary of the status and activity of stock options for the six months ended June 30, 2020 is presented below: Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding, beginning of year 100,714 $ 34.36 Granted — — Exercised — — Forfeited (13,184) 34.36 Outstanding, end of quarter 87,530 $ 34.36 6.1 $ — Number of options outstanding and exercisable 87,530 $ 34.36 6.1 $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Financial and Non-Financial Assets and Liabilities at Fair Value on Recurring Basis	The following tables present the Company's financial assets and liabilities that were accounted for at fair value on a recurring basis and their classification within the fair value hierarchy (in thousands): As of June 30, 2020 Level 1 Level 2 Level 3 Derivative assets $ — $ 43,933 $ — Derivative liabilities $ — $ 4,125 $ — As of December 31, 2019 Level 1 Level 2 Level 3 Derivative assets $ — $ 3,005 $ — Derivative liabilities $ — $ 7,311 $ —

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2020
Asset Retirement Obligation [Abstract]
Schedule of Asset Retirement Obligations	A roll-forward of the Company's asset retirement obligation is as follows (in thousands): Amount Beginning balance as of December 31, 2019 $ 27,908 Liabilities settled (1,595) Additions 80 Accretion expense 594 Ending balance as of June 30, 2020 $ 26,987

DERIVATIVES (Tables)

DERIVATIVES (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Commodity Derivative Contracts	As of June 30, 2020, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu 3Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 — — 30,000 $0.54 Put 4,000 $32.50 — — — — 4Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 10,000 $2.30 30,000 $0.54 Put 3,000 $32.50 1Q21 Cashless Collar 2,500 $46.40/$54.20 30,000 $2.25/$2.57 — — Swap 5,000 $54.48 — — 20,000 $0.43 2Q21 Cashless Collar 2,000 $35.50/$49.65 20,000 $2.25/$2.52 — — Swap 4,000 $54.13 — — 20,000 $0.43 3Q21 Cashless Collar 1,500 $30.00/$47.87 20,000 $2.25/$2.52 — — Swap 2,500 $54.45 — — 20,000 $0.43 4Q21 Cashless Collar 2,000 $30.00/$46.96 20,000 $2.25/$2.52 — — Swap 1,000 $55.20 — — 20,000 $0.43 1Q22 Cashless Collar 1,500 $30.00/$45.87 — — — — As of the filing date of this report, the Company had entered into the following commodity derivative contracts: Crude Oil Natural Gas Natural Gas Bbls/day Weighted Avg. Price per Bbl MMBtu/day Weighted Avg. Price per MMBtu MMBtu/day Weighted Avg. Basis Differential to CIG Price per MMBtu 3Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 — — 30,000 $0.54 Put 4,000 $32.50 — — — — 4Q20 Cashless Collar 6,000 $52.67/$58.40 10,000 $2.25/$2.67 — — Swap 3,500 $54.12 10,000 $2.30 30,000 $0.54 Put 3,000 $32.50 — — — — 1Q21 Cashless Collar 3,000 $43.67/$53.58 30,000 $2.25/$2.57 — — Swap 5,000 $54.48 — — 20,000 $0.43 2Q21 Cashless Collar 2,500 $34.40/$49.82 20,000 $2.25/$2.52 — — Swap 4,000 $54.13 — — 20,000 $0.43 3Q21 Cashless Collar 2,500 $30.00/$49.42 20,000 $2.25/$2.52 — — Swap 2,500 $54.45 — — 20,000 $0.43 4Q21 Cashless Collar 3,000 $30.00/$48.56 20,000 $2.25/$2.52 — — Swap 1,000 $55.20 — — 20,000 $0.43 1Q22 Cashless Collar 2,000 $30.00/$47.65 — — — — 2Q22 Cashless Collar 500 $30.00/$53.00 — — — —
Schedule of Derivatives and Balance Sheet Location	The following table contains a summary of all the Company’s derivative positions reported on the accompanying balance sheets as of the dates indicated in the table below (in thousands): June 30, 2020 December 31, 2019 Derivative Assets: Commodity contracts - current $ 39,459 $ 2,884 Commodity contracts - noncurrent 4,474 121 Derivative Liabilities: Commodity contracts - current (2,757) (6,390) Commodity contracts - noncurrent (1,368) (921) Total derivative assets (liabilities), net $ 39,808 $ (4,306)
Summary of Components of Derivative Gain (Loss) Statements of Operations	The following table summarizes the components of the derivative gain (loss) presented on the accompanying statements of operations for the periods below (in thousands): Three Months Ended June 30, Six months ended June 30, 2020 2019 2020 2019 Derivative cash settlement gain (loss): Oil contracts $ 22,485 $ (984) $ 32,923 $ 1,094 Gas contracts 128 441 944 (701) Total derivative cash settlement gain (loss) (1) 22,613 (543) 33,867 393 Change in fair value gain (loss) (47,759) 8,716 41,406 (28,764) Total derivative gain (loss) (1) $ (25,146) $ 8,173 $ 75,273 $ (28,371) _______________________________

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Calculation of Earnings Per Basic and Diluted Shares	The Company uses the treasury stock method to calculate earnings per share as shown in the following table (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net income (loss) $ (38,902) $ 41,022 $ 39,649 $ 34,029 Basic net income (loss) per common share $ (1.87) $ 1.99 $ 1.91 $ 1.65 Diluted net income (loss) per common share $ (1.87) $ 1.99 $ 1.91 $ 1.65 Weighted-average shares outstanding - basic 20,776 20,618 20,713 20,588 Add: dilutive effect of contingent stock awards — 46 46 42 Weighted-average shares outstanding - diluted 20,776 20,664 20,759 20,630

BASIS OF PRESENTATION - NARRATI

BASIS OF PRESENTATION - NARRATIVE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Receivables from contracts with customers	$ 25,106		$ 25,106		$ 43,714
Annual amortization	$ 300	$ 900	$ 30,400	$ 1,800

BASIS OF PRESENTATION - DISAGGR

BASIS OF PRESENTATION - DISAGGREGATED REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 36,192	$ 85,783	$ 96,597	$ 158,377
Crude oil sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	28,934	75,016	80,080	135,806
Natural gas sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	4,712	6,507	10,730	13,964
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Oil and gas sales	$ 2,546	$ 4,260	$ 5,787	$ 8,607

BASIS OF PRESENTATION - CASH, C

BASIS OF PRESENTATION - CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 4,144	$ 11,008	$ 9,149
Restricted cash included in other noncurrent assets	94		87
Total cash, cash equivalents, and restricted cash as shown in the statements of cash flows	$ 4,238	$ 11,095	$ 9,236	$ 13,002

BASIS OF PRESENTATION - ACCOUNT

BASIS OF PRESENTATION - ACCOUNTING PRONOUNCEMENTS RECENTLY ADOPTED AND ISSUED (Details) $ in Millions	Jun. 30, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Joint interest receivables, allowance	$ 0.8

LEASES - ASSETS AND LIABILITIES

LEASES - ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating leases
Total right-of-use asset	$ 36,733	$ 38,562
Total lease liability	37,298	39,230
Finance leases
Lease liability - field equipment	178
Field equipment
Operating leases
Total right-of-use asset	34,118	35,057
Total lease liability	34,141	35,075
Finance leases
Right-of-use asset - field equipment	219	0
Lease liability - field equipment	178	0
Corporate leases
Operating leases
Total right-of-use asset	1,921	2,462
Total lease liability	2,486	3,129
Vehicles
Operating leases
Total right-of-use asset	694	1,043
Total lease liability	$ 671	$ 1,026

LEASES - LEASE COST (Details)

LEASES - LEASE COST (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 3,607	$ 2,686	$ 7,098	$ 5,036
Finance lease cost:
Amortization of right-of-use assets	5	0	7	0
Interest on lease liabilities	1	0	2	0
Short-term lease cost	292	2,000	1,882	3,822
Variable lease cost	(135)	109	(44)	129
Sublease income	(89)	(87)	(178)	(174)
Total lease cost	3,681	4,708	8,767	8,813
Office rent expense	$ 300	$ 300	$ 500	$ 500

LEASES - WEIGHTED-AVERAGE AND D

LEASES - WEIGHTED-AVERAGE AND DISCOUNT RATE INFORMATION (Details)	Jun. 30, 2020
Operating Leases
Weighted-average lease term (years)	3 years 3 months
Weighted-average discount rate	3.89%
Finance Leases
Weighted-average lease term (years)	8 months 1 day
Weighted-average discount rate	3.47%

LEASES - SUPPLEMENTAL CASH FLOW

LEASES - SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,279	$ 2,334	$ 6,412	$ 4,366
Operating cash flows from finance leases	1	0	2	0
Financing cash flows from finance leases	30	0	40	0
Right-of-use assets obtained in exchange for new operating lease obligations	1,944	8,884	7,388	10,081
Right-of-use assets obtained in exchange for new finance lease obligations	$ 0	$ 0	$ 219	$ 0

LEASES - LEASE MATURITIES (Deta

LEASES - LEASE MATURITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
Remainder of 2020	$ 7,089
2021	12,860
2022	10,504
2023	6,644
2024	2,439
Thereafter	108
Total lease payments	39,644
Less: imputed interest	(2,346)
Total lease liability	37,298	$ 39,230
Finance Leases
Remainder of 2020	64
2021	117
2022	0
2023	0
2024	0
Thereafter	0
Total lease payments	181
Less: imputed interest	(3)
Total lease liability	$ 178

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts payable and accrued expenses contain the following:
Accrued drilling and completion costs	$ 5,630	$ 3,248
Accounts payable trade	8,565	17,117
Accrued general and administrative expense	2,195	5,620
Accrued lease operating expense	2,263	2,187
Accrued interest	544	692
Accrued oil and gas hedging	287	453
Accrued production and ad valorem taxes and other	7,999	28,321
Total accounts payable and accrued expenses	$ 27,483	$ 57,638

LONG-TERM DEBT - NARRATIVE (Det

LONG-TERM DEBT - NARRATIVE (Details)	Jun. 30, 2020USD ($)	Dec. 07, 2018USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Aug. 06, 2020USD ($)	Jun. 18, 2020USD ($)	Jun. 17, 2020	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Interest expense			$ 1,400,000	$ 1,100,000	$ 2,600,000	$ 2,300,000
Capitalized interest expense			400,000	$ 800,000	1,400,000	$ 800,000
Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000,000
Borrowing base		$ 350,000,000						$ 260,000,000
Minimum current ratio covenant		1
Credit facility outstanding	$ 58,000,000		58,000,000		58,000,000					$ 80,000,000
Deferred financing costs	2,500,000		2,500,000		2,500,000
Revolver | Subsequent Event
Debt Instrument [Line Items]
Credit facility outstanding							$ 53,000,000
Revolver | Other Noncurrent Assets
Debt Instrument [Line Items]
Deferred financing costs	800,000		800,000		800,000					1,400,000
Revolver | Prepaid Expenses and Other
Debt Instrument [Line Items]
Deferred financing costs	$ 500,000		$ 500,000		$ 500,000					$ 500,000
Revolver | Amended Credit Agreement
Debt Instrument [Line Items]
Weekly mandatory prepayment requirement, excess cash balance threshold								35,000,000
Borrowing requirement, maximum cash balance								$ 35,000,000
Maximum net leverage ratio								3.50	4
Maximum leverage ratio, restricted payment, restricted investment, optional or voluntary redemption								2.75	3.25
Revolver | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread		0.00%
Revolver | Minimum | Eurodollar
Debt Instrument [Line Items]
Basis spread		1.75%
Revolver | Minimum | Eurodollar | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	2.00%
Revolver | Minimum | Reference Rate
Debt Instrument [Line Items]
Basis spread		0.75%
Revolver | Minimum | Reference Rate | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	1.00%
Revolver | Maximum | Eurodollar
Debt Instrument [Line Items]
Basis spread		2.75%
Revolver | Maximum | Eurodollar | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	3.00%
Revolver | Maximum | Reference Rate
Debt Instrument [Line Items]
Basis spread		1.75%
Revolver | Maximum | Reference Rate | Amended Credit Agreement
Debt Instrument [Line Items]
Basis spread	2.00%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - NARRATIVE (Details) bbl in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)claimbbl	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Long-term Purchase Commitment [Line Items]
Number of claims | claim	0
NGL
Long-term Purchase Commitment [Line Items]
Periodic deficiency payment, incremental payment period	6 months
Minimum differential fee | $	$ 63,786
Notification period, prior to agreement expiration date, optional extended term (at least)	12 months
Optional extended term	3 years
NGL | Crude Oil
Long-term Purchase Commitment [Line Items]
Maximum volume requirement | bbl	16
NGL | Crude Oil | Scenario, Forecast
Long-term Purchase Commitment [Line Items]
Purchase commitment, volume required annual increase		3.00%	3.00%	3.00%	3.00%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - NGL PURCHASE AGREEMENT (Details) - NGL $ in Thousands	Jun. 30, 2020USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
Remainder of 2020	$ 10,775
2021	22,403
2022	23,097
2023	7,511
2024	0
2025 and thereafter	0
Total	$ 63,786

STOCK-BASED COMPENSATION - NARR

STOCK-BASED COMPENSATION - NARRATIVE (Details) - LTIP - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Apr. 28, 2017
STOCK-BASED COMPENSATION
Shares reserved for future issuance (in shares)		2,467,430
Restricted stock units
STOCK-BASED COMPENSATION
Vesting period	3 years
Granted (in shares)	306,945
Granted, fair value	$ 4.9
Restricted stock units | Vesting Period One
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
Restricted stock units | Vesting Period Two
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
Restricted stock units | Vesting Period Three
STOCK-BASED COMPENSATION
Vesting percent of shares	33.00%
Performance stock units
STOCK-BASED COMPENSATION
Vesting period	3 years
Granted (in shares)	83,209
Granted, fair value	$ 1.9
Number of trading days	30 days
TSR criterion percentage	67.00%
ROCE criterion percentage	33.00%
Performance stock units | Minimum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	0
Performance stock units | Maximum
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company	2
Stock options
STOCK-BASED COMPENSATION
Expiration period	10 years
Granted (in shares)	0

STOCK-BASED COMPENSATION - SCHE

STOCK-BASED COMPENSATION - SCHEDULE OF EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
STOCK-BASED COMPENSATION
Total stock-based compensation	$ 1,474	$ 1,768	$ 2,713	$ 3,148
LTIP
STOCK-BASED COMPENSATION
Total stock-based compensation	1,474	1,768	2,713	3,148
Restricted stock units | LTIP
STOCK-BASED COMPENSATION
Total stock-based compensation	1,284	1,346	2,585	2,431
Performance stock units | LTIP
STOCK-BASED COMPENSATION
Total stock-based compensation	195	270	2	413
Stock options | LTIP
STOCK-BASED COMPENSATION
Total stock-based compensation	$ (5)	$ 152	$ 126	$ 304

STOCK-BASED COMPENSATION - UNRE

STOCK-BASED COMPENSATION - UNRECOGNIZED COMPENSATION EXPENSE (Details) $ in Thousands	Jun. 30, 2020USD ($)
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	$ 13,183
Restricted stock units
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	10,491
Performance stock units
STOCK-BASED COMPENSATION
Unrecognized Compensation Expense	$ 2,692

STOCK-BASED COMPENSATION - ACTI

STOCK-BASED COMPENSATION - ACTIVITY OF NON-VESTED STOCK, OTHER THAN OPTIONS (Details) - LTIP	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Restricted stock units
Shares
Non-vested, beginning of year (in shares) | shares	557,817
Granted (in shares) | shares	306,945
Vested (in shares) | shares	(241,823)
Forfeited (in shares) | shares	(54,547)
Non-vested, end of quarter (in shares) | shares	568,392
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) | $ / shares	$ 26.95
Granted (in dollars per share) | $ / shares	15.90
Vested (in dollars per share) | $ / shares	15.41
Forfeited (in dollars per share) | $ / shares	25.53
Non-vested, end of quarter (in dollars per share) | $ / shares	$ 20.46
Performance Stock Units(1)
Shares
Non-vested, beginning of year (in shares) | shares	153,470
Granted (in shares) | shares	83,209
Vested (in shares) | shares	0
Forfeited (in shares) | shares	0
Non-vested, end of quarter (in shares) | shares	236,679
Weighted-Average Grant-Date Fair Value
Non-vested, beginning of year (in dollars per share) | $ / shares	$ 24.74
Granted (in dollars per share) | $ / shares	23.22
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Non-vested, end of quarter (in dollars per share) | $ / shares	$ 24.21
Performance Stock Units(1) | Minimum
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	0
Performance Stock Units(1) | Maximum
Weighted-Average Grant-Date Fair Value
Ratio at which award holders get common stock of the company	2

STOCK-BASED COMPENSATION - AC_2

STOCK-BASED COMPENSATION - ACTIVITY OF STOCK OPTIONS (Details) - LTIP - Stock options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Stock Options
Outstanding, beginning of year (in shares)	100,714
Granted (in shares)	0
Exercised (in shares)	0
Forfeited (in shares)	(13,184)
Outstanding, end of quarter (in shares)	87,530	100,714
Number of options outstanding and exercisable (in shares)	87,530
Weighted-Average Exercise Price
Outstanding, beginning of year (in dollars per share)	$ 34.36
Granted (in dollars per share)	0
Exercised (in dollars per share)	0
Forfeited (in dollars per share)	34.36
Outstanding, end of quarter (in dollars per share)	34.36	$ 34.36
Number of options outstanding and exercisable (in dollars per share)	$ 34.36
Additional Information
Weighted-Average Remaining Contractual Term (in years)	6 years 1 month 6 days
Number of options outstanding and exercisable, Weighted-Average Remaining Contractual Term (in years)	6 years 1 month 6 days
Aggregate Intrinsic Value (in thousands)	$ 0
Number of options outstanding and exercisable, Aggregate Intrinsic Value (in thousands)	$ 0

FAIR VALUE MEASUREMENTS - SCHED

FAIR VALUE MEASUREMENTS - SCHEDULE OF NON-FINANCIAL ASSETS AND LIABILITIES (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Level 1
Financial assets and liabilities accounted for at fair value
Derivative assets	$ 0	$ 0
Derivative liabilities	0	0
Level 2
Financial assets and liabilities accounted for at fair value
Derivative assets	43,933	3,005
Derivative liabilities	4,125	7,311
Level 3
Financial assets and liabilities accounted for at fair value
Derivative assets	0	0
Derivative liabilities	$ 0	$ 0

FAIR VALUE MEASUREMENTS - NARRA

FAIR VALUE MEASUREMENTS - NARRATIVE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Proved oil and gas property impairments	$ 0	$ 0	$ 0	$ 0

ASSET RETIREMENT OBLIGATIONS -

ASSET RETIREMENT OBLIGATIONS - SCHEDULE OF ROLL FORWARD ACTIVITY (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance as of December 31, 2019	$ 27,908
Liabilities settled	(1,595)
Additions	80
Accretion expense	594
Ending balance as of June 30, 2020	$ 26,987

DERIVATIVES - NARRATIVE (Detail

DERIVATIVES - NARRATIVE (Details)	Jun. 30, 2020derivative
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of derivative instruments qualified for hedging instruments	0

DERIVATIVES - COMMODITY DERIVAT

DERIVATIVES - COMMODITY DERIVATIVE CONTRACTS (Details) - Scenario, Forecast	3 Months Ended
	Jun. 30, 2022$ / bblbbl	Mar. 31, 2022$ / bblbbl	Dec. 31, 2021MMBTU$ / bbl$ / MMBTUbbl	Sep. 30, 2021MMBTU$ / bbl$ / MMBTUbbl	Jun. 30, 2021MMBTU$ / bbl$ / MMBTUbbl	Mar. 31, 2021MMBTU$ / bbl$ / MMBTUbbl	Dec. 31, 2020MMBTU$ / bbl$ / MMBTUbbl	Sep. 30, 2020MMBTU$ / bbl$ / MMBTUbbl
Crude Oil (NYMEX WTI) | Cashless Collar
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl		1,500	2,000	1,500	2,000	2,500	6,000	6,000
Crude Oil (NYMEX WTI) | Cashless Collar | Subsequent Event
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl	500	2,000	3,000	2,500	2,500	3,000	6,000	6,000
Crude Oil (NYMEX WTI) | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl		30	30	30	35.50	46.40	52.67	52.67
Crude Oil (NYMEX WTI) | Cashless Collar | Minimum | Subsequent Event
Derivative [Line Items]
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	30	30	30	30	34.40	43.67	52.67	52.67
Crude Oil (NYMEX WTI) | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl		45.87	46.96	47.87	49.65	54.20	58.40	58.40
Crude Oil (NYMEX WTI) | Cashless Collar | Maximum | Subsequent Event
Derivative [Line Items]
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl	53	47.65	48.56	49.42	49.82	53.58	58.40	58.40
Crude Oil (NYMEX WTI) | Swap
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl			1,000	2,500	4,000	5,000	3,500	3,500
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl			55.20	54.45	54.13	54.48	54.12	54.12
Crude Oil (NYMEX WTI) | Swap | Subsequent Event
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl			1,000	2,500	4,000	5,000	3,500	3,500
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl			55.20	54.45	54.13	54.48	54.12	54.12
Crude Oil (NYMEX WTI) | Put
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl							3,000	4,000
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl							32.50	32.50
Crude Oil (NYMEX WTI) | Put | Subsequent Event
Derivative [Line Items]
Crude Oil, notional amount (in Bbls per day) | bbl							3,000	4,000
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / bbl							32.50	32.50
Natural Gas (NYMEX Henry Hub) | Cashless Collar
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			20,000	20,000	20,000	30,000	10,000	10,000
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Subsequent Event
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU			20,000	20,000	20,000	30,000	10,000	10,000
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Minimum
Derivative [Line Items]
Weighted Avg. Price (in dollars per MMBtu) | $ / MMBTU			2.25	2.25	2.25	2.25	2.25	2.25
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Minimum | Subsequent Event
Derivative [Line Items]
Weighted Avg. Price (in dollars per MMBtu) | $ / MMBTU			2.25	2.25	2.25	2.25	2.25	2.25
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Maximum
Derivative [Line Items]
Weighted Avg. Price (in dollars per MMBtu) | $ / MMBTU			2.52	2.52	2.52	2.57	2.67	2.67
Natural Gas (NYMEX Henry Hub) | Cashless Collar | Maximum | Subsequent Event
Derivative [Line Items]
Weighted Avg. Price (in dollars per MMBtu) | $ / MMBTU			2.52	2.52	2.52	2.57	2.67	2.67
Natural Gas (NYMEX Henry Hub) | Swap
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU							10,000
Weighted Avg. Price (in dollars per MMBtu) | $ / MMBTU							2.30
Natural Gas (NYMEX Henry Hub) | Swap | Subsequent Event
Derivative [Line Items]
Natural Gas, notional amount (in MMBtu per day) | MMBTU							10,000
Weighted Avg. Price (in dollars per MMBtu) | $ / MMBTU							2.30
Natural Gas (CIG Basis) | Swap
Derivative [Line Items]
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / MMBTU			0.43	0.43	0.43	0.43	0.54	0.54
Natural Gas, notional amount (in MMBtu per day) | MMBTU			20,000	20,000	20,000	20,000	30,000	30,000
Natural Gas (CIG Basis) | Swap | Subsequent Event
Derivative [Line Items]
Weighted Avg. Price (in dollars per Bbl and MMBtu, respectively) | $ / MMBTU			0.43	0.43	0.43	0.43	0.54	0.54
Natural Gas, notional amount (in MMBtu per day) | MMBTU			20,000	20,000	20,000	20,000	30,000	30,000

DERIVATIVES - DERIVATIVE POSITI

DERIVATIVES - DERIVATIVE POSITIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Derivatives measured at fair value
Total derivative assets (liabilities), net	$ 39,808	$ (4,306)
Commodity | Commodity contracts - current
Derivatives measured at fair value
Derivative Assets	39,459	2,884
Commodity | Commodity contracts - noncurrent
Derivatives measured at fair value
Derivative Assets	4,474	121
Commodity | Commodity contracts - current
Derivatives measured at fair value
Derivative Liabilities	(2,757)	(6,390)
Commodity | Commodity contracts - noncurrent
Derivatives measured at fair value
Derivative Liabilities	$ (1,368)	$ (921)

DERIVATIVES - DERIVATIVE GAIN (

DERIVATIVES - DERIVATIVE GAIN (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Components of the derivative loss
Total derivative gain (loss)	$ (25,146)	$ 8,173	$ 75,273	$ (28,371)
Commodity derivative
Components of the derivative loss
Total derivative cash settlement gain (loss)	22,613	(543)	33,867	393
Change in fair value gain (loss)	(47,759)	8,716	41,406	(28,764)
Total derivative gain (loss)	(25,146)	8,173	75,273	(28,371)
Commodity derivative | Oil contracts
Components of the derivative loss
Total derivative cash settlement gain (loss)	22,485	(984)	32,923	1,094
Commodity derivative | Gas contracts
Components of the derivative loss
Total derivative cash settlement gain (loss)	$ 128	$ 441	$ 944	$ (701)

EARNINGS PER SHARE - NARRATIVE

EARNINGS PER SHARE - NARRATIVE (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020shares	Jun. 30, 2019shares	Jun. 30, 2020shares	Jun. 30, 2019shares
STOCK-BASED COMPENSATION
Antidilutive securities excluded from EPS calculation (in shares)	715,639	329,755	407,996	160,770
LTIP | Minimum | Performance stock units
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company			0
LTIP | Maximum | Performance stock units
STOCK-BASED COMPENSATION
Ratio at which award holders get common stock of the company			2

EARNINGS PER SHARE - SCHEDULE O

EARNINGS PER SHARE - SCHEDULE OF EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (38,902)	$ 78,551	$ 41,022	$ (6,993)	$ 39,649	$ 34,029
Basic net income (loss) per common share (in dollars per share)	$ (1.87)		$ 1.99		$ 1.91	$ 1.65
Diluted net income (loss) per common share (in dollars per share)	$ (1.87)		$ 1.99		$ 1.91	$ 1.65
Weighted-average shares outstanding - basic (in shares)	20,776		20,618		20,713	20,588
Add: dilutive effect of contingent stock awards (in shares)	0		46		46	42
Weighted-average shares outstanding - diluted (in shares)	20,776		20,664		20,759	20,630

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0